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TO: Mayor Richard C. Irvin
FROM: Trevor Dick, Director of Development Strategy and Facilitation
DATE: January 13, 2020
SUBJECT:
An Ordinance Designating the City of Aurora's River and Benton Tax Increment Financing District, Redevelopment Project Area.
PURPOSE:
The final steps in approving the River and Benton Tax Increment Financing District includes the designation of the Redevelopment Plan and Project Area. The attached ordinance and attachments thereto include this information.
BACKGROUND:
The creation of a TIF District for the River Benton area is part of an existing RDA between the City of Aurora and a private developer for the redevelopment of 80 South River. The creation of this TIF District will continue the City's vision for redevelopment within key parcels within the Downtown as noted in the attached plan.
DISCUSSION:
The creation of a TIF District for the River Benton area is part of an existing RDA between the City of Aurora and a private developer for the redevelopment of 80 South River. The creation of this TIF District will continue the City's vision for redevelopment within key parcels within the Downtown as noted in the attached plan.
IMPACT STATEMENT :
Failure to pass this TIF Redevelopment Plan and Project Area will result in the rescinding of the 80 South River Development Agreement.
RECOMMENDATIONS:
Staff recommends the Finance Committee Approve this Ordinance to be forwarded on to the Committee of the Whole at the January 21, 2020 meeting.
ATTACHMENTS:
Exhibit A-1: Redevelopment Project Area Description
Exhibit A-2: Street Location Map
cc: Finance Committee
Chair/Alderman Robert J. O'Connor
Alderman/Vice Chair Edward Bugg
Alderwoman Scheketa Hart-Burns
Alderman Carl Franco
Alderman Emmanuel Llamas
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
title
An Ordinance Designating the City of Aurora's River and Benton Tax Increment Financing District, Redevelopmen...
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